Transforming Wealth Management:

Client Overview

The client is a well-established bank with a strong presence in the US and Canada, offering a broad spectrum of services across wealth planning, and private and competitive retail banking. With specialized expertise in the commercial banking space, it supports businesses across the globe, helping them meet diverse financial needs.

The Need for Change

As the client expanded its operations internationally, it encountered critical challenges with their wealth management platform, caused by both legacy code base and specific ‘fixes’ applied to meet organizational needs. To maintain its competitive edge, the client needed a modern platform to streamline operations, reduce costs, and provide real-time portfolio insights.

• The client’s wealth platform lacked scalability, integration, and efficiency, which made it difficult to handle growing business demands.
• As the client expanded globally, their platform’s slow response times didn’t meet service-level agreements (SLAs), causing delays in key operations.
• The platform couldn’t process real-time portfolio computations based on client goals, leading to longer proposal cycles and inefficiencies.

These issues resulted in higher costs, delays in portfolio management, and limited digital engagement, leaving the client unable to react quickly to market changes. A modern microservice architecture in banking was essential to resolve these challenges. Additionally, limited insights into clients’ and financial advisors’ (FAs) workflows and data made it difficult to leverage business intelligence effectively, further highlighting the need for an updated microservices-based architecture.

LTIMindtree Solution

By collaborating with the client, LTIMindtree recognized the need for a cloud-native, scalable solution to address platform inefficiencies and support the bank’s expanding global operations. The salient features of the solution have been listed.

• Together, we developed a cloud-based wealth management platform based on Microsoft Azure, utilizing event-driven microservice architecture, enabling real-time collaboration among advisors, sales consultants, and the portfolio team.
• The entire cloud-native development was carried out using Microsoft Azure Services, with comprehensive security and quality controls in place, to ensure rapid and secure deployment. Infrastructure was managed efficiently using Terraform, which enabled the rebuilding of the entire wealth platform using pipelines in quick time.
• Event-driven microservices-based architecture enabled scalability, high performance, and resilience, with all components hosted on Azure-based Kubernetes through containerized services following canary deployment. Azure Wealth Management was supported by Synapse, an inbuilt analytics tool within Azure, which facilitated smooth data migration and reporting.
• Integration with Salesforce CRM allowed real-time syncing of client data, making the wealth management platform more connected and responsive.
• LTIMindtree built the DevSecOps and Site Reliability Engineering (SRE) setup, taking full ownership and responsibility for ongoing maintenance through automation.

Business Benefits

By collaborating with the client’s teams, LTM delivered a slew of benefits:

• The ability to generate real-time portfolio options based on client goals increased the client’s proposal win rate by over 20%, driven by a high-performing, resilient DevSecOps environment.
• Real-time calculations for client portfolios reduced proposal cycle time by 50%, thanks to a scalable, container-based architecture that enabled faster response times and streamlined operations.
• An agile development approach led to an 83% increase in the release of Minimum Viable Products (MVPs), helping the bank meet business goals quickly and maintain a competitive edge.
• The use of cloud Platform-as-a-Service (PaaS) and automated Continuous Integration/Continuous Deployment (CI/CD) pipelines reduced the Total Cost of Ownership (TCO) by 15%, minimizing in-house server costs and improving system uptime and maintainability.

The new platform allows users to interact across web and mobile channels, providing a seamless, omnichannel experience. Also, financial advisors can create portfolios on-the-fly during client meetings based on their goals and horizons, allowing them to choose between various choices and risks. Finally, client portfolios can be analyzed in real-time, offering insights on current and future financial states and enabling data-driven decisions.

Conclusion

LTIMindtree’s collaboration with the client has transformed their wealth management operations, enabling real-time portfolio management and improving client engagement. By implementing a cloud-native, scalable solution with microservices-based architecture in banking, LTIMindtree has helped the client significantly reduce proposal cycle times, increase proposal win rates, and release new products faster. This partnership has not only led to cost savings but also positioned the client to continue innovating with agility and efficiency. As we move forward, the client is well-equipped to leverage these advancements to stay competitive in the rapidly evolving financial landscape and meet future business challenges.

“By addressing the critical challenges of scalability, resiliency, and performance in the existing platform, our team successfully implemented a modern, cloud-native Wealth Management platform. This solution has streamlined operations, reducing proposal cycle time by 50% and significantly increasing the client’s proposal win rate by over 20%. Its ability to perform real-time complex computations, portfolio optimizations, and seamlessly integrate with other systems has enabled real-time collaboration, allowing us to meet growing business demands and maintain a competitive edge.”

Divakar Laad

Delivery Partner – Banking Portfolio LTIMindtree

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